SXSW 2010 Interactive. Insights and Trends for Business.

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The entire SXSW 2010 Technology Conference distilled into 5 easy trends for application and learning inside business:

*Location Based Services / Marketing
*Real Time Everything
*Engagement – cutting through the BS
*Banking vs The Web
*Culture vs Strategy

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SXSW 2010 Interactive. Insights and Trends for Business.

  1. 1. It’s a WWWorld... Lessons and insights from SXSW 2010 (with a slight financial institution bias)
  2. 2. One of the largest digital conferences in the world. Featuring... 14251 people & 1100+ events 2010 event attended by a delegation of 25 South African’s representing the local internet industry and business.
  3. 3. The attraction of SXSW? Highest Quality content in the digital industry...
  4. 4. Gary Veynerchuk (WineLibrary.TV) Evan Williams Danah Boyd (CEO of Twitter) (Microsoft Research WorldWide) Ze Frank (The Web’s Picasso) Guy Kawasaki Clay Shirky (Author, VC) (Social Economist, NYU)
  5. 5. Texas or Bust!
  6. 6. The home of big cups and strange politics...
  7. 7. Where restaurants have recovery guides and toilets have timers...
  8. 8. Recovery guides are a good idea...
  9. 9. Recovery guides are a good idea...
  10. 10. The Taco’s were hotter than they looked...
  11. 11. And where the city’s slogan is: Keep Austin Weird!
  12. 12. It’s a little off centre...
  13. 13. SA delegation of 25 people, including 1 panel on www.crowdfund.co.za
  14. 14. The 2010 State of the Internet. Our overall impression?
  15. 15. Unless you really hit the right time / right place...
  16. 16. Unless you really hit the right time / right place... There are only 3 ways to make serious money on the Internet.
  17. 17. Gambling. Porn. Banking
  18. 18. Exploring SXSW... Location Based Services / Marketing Real Time Everything Engagement – cutting through the BS Banking and the Internet Culture vs Strategy
  19. 19. Location Based Services / Marketing
  20. 20. 10 million mobile internet users means... Location based services might just be the next big thing.
  21. 21. http://www.thegrid.co.za/
  22. 22. Breakfast. Courtesy...
  23. 23. Travel / Tourism Experience The Marketing Possibilities...
  24. 24. Success!
  25. 25. Why so much oversharing?
  26. 26. Grannies, CD’s and Wikipedia vs Brittanica
  27. 27. Oversharing is creating and killing entire industries...
  28. 28. Oversharing does raise issues...
  29. 29. http://pleaserobme.com/
  30. 30. But ignoring that for the moment... Location Services raise fulfilment to critical status.
  31. 31. Location. What does it mean for a financial institution?
  32. 32. Find an ATM near me...
  33. 33. Voucher: Come into the Sandton branch now and get free Online Banking training...
  34. 34. Head to Makro and “you’ll save” R2000 on the SamSung LCD TV with your Platinum Credit Card.
  35. 35. Etc.
  36. 36. Real Time Everything
  37. 37. Everything is going “real time”.
  38. 38. This is changing the way we present...
  39. 39. FNB experienced this recently :)
  40. 40. https://www.fnb.co.za/promotions/PayPal.html
  41. 41. So did Julius...
  42. 42. And Mr Visagie...
  43. 43. And it’s changing the way we interact with data...
  44. 44. http://twitterfall.com/
  45. 45. Did you know? Google is now indexing Tweets.
  46. 46. http://twitter.com/
  47. 47. Now. With real time data, we’re also starting to see different methods of data visualisation
  48. 48. http://pepsicozeitgeist.com/
  49. 49. http://pepsicozeitgeist.com/
  50. 50. http://www.wefeelfine.org
  51. 51. http://now.sprint.com/nownetwork/
  52. 52. Now imagine real time visualisation in a financial context...
  53. 53. Number of customers busy with a sales application...
  54. 54. Number of transactions per second on Online Banking...
  55. 55. Total social media mentions (happy / sad) of FNB per hour...
  56. 56. Number of online purchases using an FNB product per hour...
  57. 57. Real time information also causes its own set of problems.
  58. 58. Customer: If data is real time, why isn’t service?
  59. 59. Social Media & Engagement. (Cutting through the BS)
  60. 60. What cultural effects are we witnessing in the social space?
  61. 61. Don’t be fooled by “social media gurus”! It’s easy. Unless you’re being targetted.
  62. 62. http://www.youtube.com/watch?v=tPgQsv2KPwc
  63. 63. Why is social media so hard? Because real relationships require that you give up control.
  64. 64. ** Cover your ears if you don’t like foul language ** http://www.youtube.com/watch?v=BEYjvifUdeM
  65. 65. And now onto the tricky part of the social equation...
  66. 66. Engagement as it applies to a business. The first problem of engagement is understanding what the hell engagement means?
  67. 67. Gary: Caring. Don’t talk to sell. Talk to understand.
  68. 68. Wikipedia: Meaningful brand experience at a contact point.
  69. 69. We’ll look at some global trends for the answers...
  70. 70. Trend #1 The Democratisation of Influence
  71. 71. Trend #2 Attention has become the major currency in attracting customers to content / products
  72. 72. Trend #3 Social Media is driving the wrong kind of behaviour.
  73. 73. Trend #4 Social Media doesn’t scale.
  74. 74. And so the big question becomes...
  75. 75. What is the difference between engagement and service?
  76. 76. Where could we / should we play?
  77. 77. Servicing: Engaging:
  78. 78. Oh. And...
  79. 79. More importantly... What do customers want?
  80. 80. Banking and the Internet
  81. 81. The difference between banks and web companies?
  82. 82. Web companies have MILLIONS of active users.
  83. 83. Banks have MILLIONS of paying customers!
  84. 84. So banks aren’t going anywhere. But will need to be aware that the major competition will be around the customer interaction layer.
  85. 85. Major trends to watch out for. Internet vs Banking.
  86. 86. TREND #1 Social Saving & Goal Based Financial Management
  87. 87. http://www.smartypig.com/
  88. 88. Demand? SmartyPig.com has $350 million in actual deposits.
  89. 89. TREND #2 Peer advice
  90. 90. http://www.sharechat.co.za/
  91. 91. http://www.peopleandpicks.com/
  92. 92. http://www.socialpicks.com/
  93. 93. http://www.howcanwehelpyou.co.za
  94. 94. TREND #3 Lending clubs
  95. 95. http://www.lendingclub.com
  96. 96. http://www.lendingclub.com
  97. 97. Demand? LendingClub.com has $1 billion dollars in requested loans.
  98. 98. TREND #4 Transparency / Education / Empowerment around credit history
  99. 99. http://www.creditkarma.com/
  100. 100. As South Africans, we get 1 free credit check per year from ITC. How many people know this?
  101. 101. TREND #5 Personal financial management
  102. 102. http://www.mint.com/
  103. 103. http://www.mint.com/
  104. 104. Demand? Mint.com has 2.5 million users
  105. 105. TREND #6 Anonymous aggregation and benchmarking of financial data
  106. 106. An easy example... Using aggregate data to encourage participation.
  107. 107. http://www.linkedin.com
  108. 108. Why can’t we use this for CIS profile updates? Did you know? 365 customers updated their profiles in the last 48 hours. Click here to update yours!
  109. 109. Why can’t we use this for benchmarking and adding value to customers? Example: People in your income group have an average debt of...
  110. 110. Example: People in your neighbourhood have home repayments of...
  111. 111. Example: People in your age group invest an average of...
  112. 112. Banks have this data. Don’t they?
  113. 113. Aggregate data and benchmarking opens the door for using incentives as a process mechanism instead of an initial attraction strategy.
  114. 114. Back to web intermediaries...
  115. 115. When asked, “What was the biggest surprise in building intermediary financial businesses?”... The CEO’s answered...
  116. 116. Extremely low marketing spend. Word of mouth brought in the business.
  117. 117. Huge benefit gained by including customers in the product development process (using social media).
  118. 118. What was the gap that these intermediaries saw?
  119. 119. Banks don’t proactively inform customers when things change (eg. Spend patterns). Build our businesses around pro- active communication.
  120. 120. Banks know everything about their customers, but they don’t leverage it to add value. Build intelligence. Leverage that intelligence with pro-active value / information.
  121. 121. The risk? If we don’t fight for the customer relationship we could end up becoming a commoditised transaction factory.
  122. 122. Culture vs Strategy
  123. 123. http://www.trendhunter.com/
  124. 124. Culture eats strategy for breakfast.
  125. 125. Why?
  126. 126. Social trends give context to messaging and products.
  127. 127. So as we end off...
  128. 128. I’d like YOU to think of how you’re shaping your products, services and messages to take advantage of culture.
  129. 129. http://www.youtube.com/watch?v=goMoO3DLDNw
  130. 130. </end>
  131. 131. Full coverage, thoughts, opinions and more available on: http://www.andyhadfield.com/search/label/SXSW%20South%20Africa www.twitter.com/andyhadfield www.twitter.com/lynettekloppers http://www.sxsw.com http://www.youtube.com/user/sxsw
  132. 132. http://www.amazon.com/Engage-Complete-Businesses-Cultivate-Measure/dp/0470571098/ref=ntt_at_ep_dpi_1 http://www.amazon.com/Crush-Time-Cash-Your-Passion/dp/0061914177/ref=sr_1_1?ie=UTF8&s=books&qid=1270036477&sr=1-1

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